A Baton Rouge, La., insurance agent has been arrested and issued a cease and desist order for alleged felony theft and misappropriation of insurance premiums, according to the Louisiana Department of Insurance.
LDI reported that Walter Glenn McMillan Jr., age 45, was ordered to cease and desist from engaging in the business of insurance and his insurance licenses were suspended today by members of the Department of Insurance Fraud Unit.
The C&D and summary suspension were served in conjunction with an arrest by Agent Willie Spears of the fraud unit of the Attorney General’s office. McMillan was booked into the East Baton Rouge Parish Jail and charged with Theft by Fraud.
A joint investigation by the LDI and the AG’s office revealed that the policyholder received more than $45,000 from two insurance clients and failed to properly remit the funds to the appropriate insurance companies for the coverage allegedly issued to the two clients. The two transactions took place in April and May of 2005.
Department records show that Walter Glenn McMillan Jr. had held a license to sell life and health insurance since June 2003 and a license to sell property and casualty insurance since April 2005. He is also listed as the 100 percent owner of Glenn McMillan and Associates LTD, with an agency license to sell life/health and property/casualty insurance since July 2005.
All licenses were suspended with the current action. His personal and agency addresses are listed as 4705 Shadeland Drive and 17461 Jefferson Highway, both in Baton Rouge. Insurance Department records also show that he is a director of Captive Risk Solution, 12011 Bricksome Ave., Suite C., Baton Rouge.
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